Important disclosure

Self Employed Personal Loans

Self-employed personal loans can help you to better finance your business. Taking advantage of one of these opportunities that South African lenders offer can mean the difference between expanding or contracting your business.

To help you budget, we have created a simple and easy to use loan calculator. This will help you to make better financial plans for your business. You can adjust the loan term after you input the loan amount to get an idea of your monthly payment.

Calculate repayments

MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR12.90%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO MoneyShop

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO MoneyShop

Hide info -

Go through Fincheck's online application to get matched with personal loan provider that's best suited to your credit score and personal circumstances. Easy online application.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate16.00%

Personal loan APR16.00%

EST monthly repayment (approx)R815

Total repayment amount (approx)R29,340

Total interest & fees paid (approx)R9,340

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO Fincheck

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO Fincheck

Hide info -

A cash loan from R2 000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Free monthly statement via email or SMS. Customer Protection Insurance. Interest from as low as 15%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR2,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR15.00%

EST monthly repayment (approx)R796

Total repayment amount (approx)R28,656

Total interest & fees paid (approx)R8,656

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of18.01.2020

GO TO RCS

Hide info -

Simplify your debt with one consolidation loan. Combine up to 5 loans into one single consolidation of up to R250 000 and get one lower repayment. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR15.00%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of18.01.2020

GO TO African Bank

Hide info -

Loans up to R250,000. Terms between 7 months and 72 months. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR4,000

Minimum term (months)7 months

Interest rate15.00%

Personal loan APR15.00%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?No

Sponsored Yes

Data accurate as of18.01.2020

GO TO African Bank

Hide info -

It is easy to apply for a Bayport personal loan of up to R250,000 with our simple online loan application process and personalised service. Once you have registered, all it takes is a minute, to find out if you qualify for a Bayport personal loan. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR4,000

Minimum term (months)6 months

Interest rate15.00%

Personal loan APR15.00%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO BayPort

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of18.01.2020

GO TO BayPort

Hide info -

Instead of having many accounts to pay each month, you’ll only have a single monthly payment. You could improve your monthly cash flow. We’ll do the legwork, your loan will be used to settle your retail or credit accounts, or existing loans. Any money remaining you can use as you please. Repayments are fixed Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR5,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR15.00%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO DirectAxis

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of18.01.2020

GO TO DirectAxis

Hide info -

A personal loan from R1000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Fixed monthly repayments. Free monthly statement via email or SMS. Optional Customer Protection Insurance. Interest from as low as 15%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR5,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR15.00%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO DirectAxis

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?No

Sponsored Yes

Data accurate as of18.01.2020

GO TO DirectAxis

Hide info -

MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR12.90%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO MoneyShop

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO MoneyShop

Hide info -

Go through Fincheck's online application to get matched with personal loan provider that's best suited to your credit score and personal circumstances. Easy online application.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate16.00%

Personal loan APR16.00%

EST monthly repayment (approx)R815

Total repayment amount (approx)R29,340

Total interest & fees paid (approx)R9,340

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO Fincheck

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO Fincheck

Hide info -

MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate24.75%

Personal loan APR24.75%

EST monthly repayment (approx)R910

Total repayment amount (approx)R32,760

Total interest & fees paid (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO MoneyShop

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO MoneyShop

Hide info -

Goods from R2 000 up to R250 000 can be purchased at accredited stores. Flexible repayment terms from 6 up to 72 months to suit your pocket. No deposit required. Straightforward application process. A loan from a trusted bank for the goods you need. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR3,500

Minimum term (months)6 months

Interest rate24.75%

Personal loan APR24.75%

EST monthly repayment (approx)R910

Total repayment amount (approx)R32,760

Total interest & fees paid (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO Nedbank

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?No

Sponsored Yes

Data accurate as of12.07.2020

GO TO Nedbank

Hide info -

Loans available from R2 000 to R300 000*. Flexible repayment periods from 6 up to 72 months. Monthly repayments debited from your bank account. The best possible interest rate that we can offer you. Easy online loan application process. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR3,500

Minimum term (months)6 months

Interest rate24.75%

Personal loan APR24.75%

EST monthly repayment (approx)R910

Total repayment amount (approx)R32,760

Total interest & fees paid (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO Nedbank

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of12.07.2020

GO TO Nedbank

Hide info -

results per page

CompareLoans.co.za provides factual information in relation to financial products. While CompareLoans.co.za attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on CompareLoans.co.za is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with CompareLoans.co.za. CompareLoans.co.za recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see CompareLoans.co.za's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of loan are you looking for?

All about loans for self-employed workers in South Africa

Most lenders in South Africa have a list of requirements that include payslips, a regular monthly income, and proof that you are permanently employed. This makes it quite difficult and sometimes impossible for self-employed people to qualify for any type of loan.

The main reason why lenders prefer people who are employed is because they’re considered to be lower risk. In other words, there is a better chance that someone who is employed will be able to repay a loan compared to someone without a job or regular income.

The good news is, as a South African, you can still qualify for a loan even when you “write your own paycheck”. Here, we give guidance on finding the best loans for the self-employed, whether you run your own small business or are a freelancer, contract worker, or sole trader.

How does a personal loan for self-employed people work?

As a self-employed person, you can either get a secured or unsecured loan. The difference between the two is that with a secured loan, you have to provide an asset as security for the loan. On the other hand, an unsecured personal loan requires no security but usually has a higher interest rate.

Below are some of the features of loans for self-employed people:

  • You can borrow an amount that ranges from R2 000 to R300 000: The credit provider usually looks at your income history to see how much you can afford.
  • The loans have flexible payment terms, from 6 up to 72 months: You can repay your loan at a pace that suits your monthly budget.
  • The interest rates are customised according to your personal risk profile: That means you can get a lower interest rate if you have already established a good credit score in your name.
  • The application process is straightforward: Usually, you can apply online and get approved without visiting the lender’s offices.

Where can you get a loan for the self-employed?

If you browse through our comparison tables, you’ll find several featured lenders who offer personal loans for the self-employed in South Africa. At CompareLoans, we’re dedicated to showcasing relevant information about all types of loans, including those for self-employed workers. You can use our service to compare different lenders at zero cost. Below are some lenders who offer loans for self-employed people:

  • Wonga – You can borrow short term funds of up to R4000 as a new customer and up to R8000 if you’re an existing customer.
  • Nedbank – Nedbank self-employed loans range from R2000 to R300 000 if you have a monthly income of more than R3 500.
  • FNBIf you qualify, you can borrow up to R300 000.
  • Absa – You can qualify for a personal or smaller personal loan if your bank statements show that you earn a regular, monthly income of R2000 or R1500 respectively.
  • Capitec – If you’re self-employed and receive your monthly salary from your business, you can borrow up to R250 000. However, informally self-employed people such as freelancers and sole traders may not be able to qualify.
  • Standard Bank – Standard Bank also offers vehicle and home loans for the self-employed. In this case, your business financial statements and a statement of your personal assets and liabilities will be required.

What are the requirements for loans for self-employed people?

The most important factor when trying to get a loan if you are self-employed is to show the lender enough evidence that you can be trusted to pay back the loan. To apply for such a loan, you might need to meet the following requirements:

Personal loans for the self-employed

  • Have a valid South African bank account that receives a regular income;
  • You should have a valid South African ID;
  • Proof of income such as your most recent bank statements; and
  • Proof of residence – you can use a utility bill.

Home loans for the self-employed

  • A declaration of all your finances and assets;
  • Your most recent IT34 from SARS;
  • A letter confirming your average monthly income preferably from your auditor; and
  • Have a deposit amount ready.

Vehicle finance loans for the self-employed

  • Have a deposit amount ready;
  • Be a holder of a valid South African driver’s license.

Loan providers will typically use this information to assess whether you can comfortably afford to repay the loan. Under the terms of the National Credit Act, all registered credit providers are required to practice responsible lending. Therefore, the amount you get approved for depends on your income.

What type of loans are available for self-employed people?

  • Personal loans: You can either get a secure or an unsecured personal loan if you are self-employed. When you apply for a personal loan in South Africa, your credit history usually gets checked before the loan amount is made available.
  • Home loans: You can take out this loan to get your dream home, even if you are not formally employed. The lender will have to do a lengthy assessment to ensure that you can afford such a loan.
  • Vehicle finance: If you need to finance your vehicle, you can get a secured or unsecured car loan.
  • Self-employed loans fast payout: These types of loans are obtained online. You do not need any complicated documentation. The lender usually only needs proof of income to confirm your ability to pay back the loan.

How does the application process work?

In many ways, the loan application for the self-employed is similar to that of regular loans for employed people. However, the application process might take longer since the lender needs more time to verify that you can afford to make the necessary monthly repayments.

To apply, you can click on your preferred lender’s “Go to Site” link in the comparison tables above. This automatically redirects you to their website. Most lenders often have an easy and fast online application process. Generally, you will have to upload the required documents from your device and fill in the application form provided. After applying, all you have to do is wait for the lender’s response. If you qualify, you’ll receive a loan offer.

How to improve your chances of getting a loan for the self-employed

  • Maintain a good credit score: Lenders will most likely check your credit score to determine whether they should offer you a loan. Having a good credit score and history increases your chances of approval, and it also helps you get a lower interest rate. Find out more about how to improve your credit score.
  • Save up some deposit: Make sure you have enough money saved for a deposit if you need a vehicle finance loan or a home loan.
  • Organise your paperwork: Ensure that you have all the financial records required by your preferred credit provider in place. For example, if you’re taking out a home loan, comparative financials for the last 2 or 3 years may be required.
  • Get help from an expert: Hiring an accountant or an auditor to help you with your financial records and tax returns can save you time and work when you’re making a loan application. In addition, for home loans, you can have an experienced bond originator who can carry out the application on your behalf, which increases your chances of approval.

How to use a loan for the self-employed

  • You can use it to cover unexpected financial emergencies.
  • If you need to pay for home repairs, you can take out a personal loan.
  • You can use the money as capital to start a business.
  • The loan can be used to consolidate your debt.

Benefits of loans for the self-employed

You can use this loan to cover a wide range of financial needs, such as business costs or personal costs. This type of loan also works very well for emergencies since some self-employed loans have fast payouts. For your convenience, CompareLoans has partnered with several lenders, as you’ll see in the comparison tables above. If you have had trouble securing funds as a self-employed individual in the past, you’re likely to find a loan product that works for you.

Are there loans for low credit scores and the self-employed people in South Africa?

Yes. It is possible to get a personal, home, or vehicle finance loan for the self-employed, even if you have low credit. However, many institutions that provide loans for low credit scores and self-employed people in the same package usually charge high interest rates or require you to put up security. For example, you can take out a loan to finance a vehicle for your business. If the loan is secured, you risk losing the vehicle if you fail to pay your instalments. This also applies if you’re self-employed and blacklisted or have bad credit.

Popular personal loans searches

View all lenders